The product owner is a new role introduced when a team adopts Scrum. In your new role as a product owner, you establish and communicate a vision for the product and set goals for the Scrum team with realistic boundaries. To do this, you create, maintain and prioritize the product backlog for each sprint. You're also responsible for the overall financial success of the project. The product owner's job often entails a mix of inward-facing responsibilities to the team and outward-facing tasks like working with customers and paying attention to industry trends. These competing demands on your time can make being a product owner challenging.